Category: The Wagner Daily – Archives

Stocks followed through to the downside on Tuesday leading to an undercut of the 20-day EMA on the daily chart of the Nasdaq Composite. A late rally enabled the Nasdaq to reclaim the 20-day EMA and close in the top half of the day’s range (a decent reversal).

Stocks kicked off a holiday-shortened week of trading with ugly distribution days in the Nasdaq Composite and S&P 500. The Nasdaq Composite dropped -1.3% on volume and closed with a wide-ranged, bearish reversal candle after a failed gap up to highs. Although the S&P 500 only gave back -0.3%, it closed -1.2% off the highs of the day after a failed breakout attempt.

The S&P 500 and Nasdaq Composite are still in trend mode above the rising 20-day EMA.  Midcap growth ETF $IWP is no longer in trend mode as it sliced through the 20-day EMA.

Per intraday alert, we added to $NVDA last Friday as the price found support near the prior high. Look for the 10-day EMA to provide support if the price does not follow through right away.

Watching $U $NET $SI $DASH $SHOP $DDOG $NEWR $SAIL $SLAB $NVDA $SEDG $MRAM 

Per intraday alert, reduced exposure in $NVDA from 6% to 4% ahead of earnings after the close on Wednesday.  $NVDA closed at $307 in after-hours trading. Since Wednesday’s close was below the 8-day EMA, we are using the low of that day as the new stop.

For those who are watching the open, breakaway gap ups on volume are in play over the 1 or 5-minute high if volume is strong on the open. Not all big gap ups are in play. We prefer to focus on higher-quality names that have big earnings or sales growth. The gap should either be to or near a 52-week high, or one that reclaims the 50-day MA off the lows of a base.

$ONON triggered an entry over the 5-minute high Tuesday.  Have to be quick with these entries.

$ONON is not an official setup as it reports earnings before the open on Tuesday. Watch for a possible breakaway gap up on volume.

Stocks closed out the week on a positive note with Friday’s bullish response to last Wednesday’s selloff in the broad-based averages. We saw impressive accumulation in leading stocks such as $RBLX, $TTD, $DASH, $U, and $ABNB. $SHOP also woke up from a three-month-long base with a 12% gain on 3x average volume.

The Nasdaq Composite recaptured the 10-day EMA on Friday following a tight-ranged inside day. Whether or not this index moves higher from here or chops around for a bit we do not know, but the last two days of price action have been constructive.

$S also closed with an inside day which created a decent pivot over the 2 or 3-day high for those not already long. This is not an official buy setup.

There are no new official setups for Thursday’s session as we wait for major indices to find some traction.

The charts below are not official setups but may be in play within the next few days.

$CFLT showed great relative strength on Wednesday and could be one of the first to move out when the market finds some footing.